Vancouver, British Columbia -- (May 10, 2012) -- Goldgroup Mining Inc. ("Goldgroup" or the "Company") (TSX:GGA) is pleased to announce the filing of its technical report entitled "Minera Cardel Resource Corp. -- Caballo Blanco Gold Heap Leach Preliminary Economic Assessment" on SEDAR and on the Company's website. The PEA was compiled and completed by KD Engineering (the "Engineer") of Tucson, Arizona, Goldgroup's independent engineering consultant, with contributions from SRK Consulting (Canada) Inc., and MWH Americas, Inc. Initial results from the PEA were previously reported in the Company's press release dated April 12, 2012.
Goldgroup is a well-funded Canadian-based gold production, development, and exploration Company with significant upside in a portfolio of projects in Mexico, including its flagship 100%-owned advanced stage gold development project Caballo Blanco in the state of Veracruz, and a 50% interest in DynaResource de Mexico, S.A. de C.V., which owns 100% of the high-grade gold exploration project, San José de Gracia located in the state of Sinaloa. The Company also operates its 100%-owned Cerro Colorado gold mine in the state of Sonora.
Goldgroup remains in a flexible financial position with a strong cash balance, no debt and no gold hedging. The Company is led by a team of highly successful and seasoned individuals with extensive expertise in mine development, corporate finance, and exploration in Mexico. Goldgroup's mission is to increase gold production, mineral resources, profitability and cash flow, building a leading gold producer in Mexico.
For further information on Goldgroup, please visit www.goldgroupmining.com
On behalf of the Board of Directors,
Keith Piggott, President & CEO
Stephanie Batory, Investor Relations
Toll Free: 1-877-655-ozAu (6928)